| Reconciliation of Numerators and Denominators of Basic and Dilutive Net Income per Common Share Computations |
A reconciliation of the numerators and the denominators of the basic and dilutive net income per common share computations are as follows (in thousands, except share and per share amounts):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Numerator: |
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Net income |
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$ |
14,682 |
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$ |
34,907 |
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$ |
21,997 |
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$ |
60,589 |
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Add: Interest expense, net of tax, attributable
to assumed conversion of convertible senior
notes |
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1,835 |
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2,354 |
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— |
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4,699 |
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Net income, diluted |
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$ |
16,517 |
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$ |
37,261 |
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$ |
21,997 |
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$ |
65,288 |
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Denominator: |
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Weighted average basic common shares
outstanding |
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34,579,980 |
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33,912,669 |
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34,482,634 |
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33,817,664 |
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Effect of dilutive securities: |
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Convertible senior notes |
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4,893,805 |
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4,893,805 |
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— |
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4,893,805 |
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Options to purchase common stock |
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1,127,400 |
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1,489,855 |
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1,310,695 |
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1,346,155 |
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Restricted stock units |
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97,012 |
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246,718 |
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201,577 |
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172,880 |
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Restricted stock awards |
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|
497 |
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|
626 |
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|
506 |
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|
315 |
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Employee stock purchase plan |
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10,533 |
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15,280 |
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8,265 |
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7,682 |
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Weighted average dilutive common shares
outstanding |
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40,709,227 |
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40,558,953 |
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36,003,677 |
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40,238,501 |
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Net income per share: |
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Basic |
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$ |
0.42 |
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$ |
1.03 |
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$ |
0.64 |
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$ |
1.79 |
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Diluted |
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$ |
0.41 |
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$ |
0.92 |
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$ |
0.61 |
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$ |
1.62 |
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| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
The Company excluded the following potential common shares, presented based on weighted average shares outstanding, from the computation of diluted net income per share because including them would have had an anti-dilutive effect:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Convertible senior notes |
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— |
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— |
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4,893,805 |
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— |
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Options to purchase common stock |
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693,183 |
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609,891 |
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413,619 |
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|
754,178 |
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Employee stock purchase plan |
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— |
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— |
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— |
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18,900 |
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Restricted stock units |
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65,384 |
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|
17,700 |
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38,801 |
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|
92,034 |
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Restricted stock awards |
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— |
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— |
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— |
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2,053 |
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758,567 |
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627,591 |
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5,346,225 |
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867,165 |
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